Aumega Metals arranges $10-million financing
Executive Summary
- Aumega Metals Ltd. announced a brokered LIFE private placement to raise up to C$10 million through the issuance of flow‑through shares, charity flow‑through shares, and common shares.
- Proceeds from the FT and premium FT shares will be used for eligible Canadian exploration expenses in Newfoundland (to be renounced by Dec 31 2026), while net proceeds from the common shares will fund general & administrative costs and working capital.
- The offering is expected to close around March 3‑4 2026, subject to regulatory approvals, and includes a 6% cash commission payable to the lead agent.
Key Details
- Securities Offered:
- Up to 42,553,191 flow‑through (FT) shares at C$0.047 per share.
- Up to 55,147,059 charity FT shares at C$0.0544 per share.
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Up to 125,000,000 common shares at C$0.04 per share.
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Aggregate Gross Proceeds: Up to C$10 million.
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Use of Proceeds:
- FT & premium FT proceeds → eligible Canadian exploration expenses (flow‑through mining expenditures) on Newfoundland projects; renounced to subscribers by Dec 31 2026.
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Common share net proceeds → general and administrative expenses, unallocated working capital.
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Closing Date: Expected on or about March 3, 2026 (Canada) / March 4, 2026 (Australia), subject to conditions and regulatory approvals (including TSX‑V conditional approval).
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Regulatory Framework: Offered under National Instrument 45‑106 LIFE exemption to Canadian residents (excluding Quebec); Australian participation limited to sophisticated/professional investors per Corporations Act. No hold period for Canadian subscribers except as required by TSX‑V policies.
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Commission: Lead agent Clarus Securities Inc. will receive a cash commission equal to 6% of gross proceeds, payable in accordance with TSX‑V and ASX policies.
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Exploration Program Funding:
- Planned up to 15,000 m of drilling over the next four years targeting high‑priority zones in Cape Ray (Isle aux Morts Granite, Cape Ray West) and Bunker Hill.
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Continued early‑stage work at Hermitage and Intersection targets.
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Management Comment: CEO Sam Pazuki highlighted the financing as pivotal for large‑scale drilling of identified gold targets, referencing existing mineral resources (450 koz indicated + 160 koz inferred) and the potential to expand the district‑scale Cape Ray gold system.
Notable Quotes
“This financing is designed to aggressively test those targets… We believe we are witnessing the emergence of a new Canadian gold district.” – Sam Pazuki, Managing Director & CEO
All technical and qualified person statements, JORC/NI 43‑101 disclosures, and safe‑harbor language have been omitted as per instructions.